Competition from Amazon grows
Amazon wasn’t always a threat to Walmart, but as the only retailer grows and offers more of the same products as traditional mass retailers, it has become hard to ignore. This article from Businessweek examines how Amazon has influenced Walmart’s approach to online.
DDR acquires shopping centers in Oregon and Arizona for $70 million
Beachwood, Ohio — Mall owner DDR Corp. announced Wednesday that it has acquired its joint-venture partner’s 50% ownership interest in two power centers located in Portland, Ore., and in Phoenix. The $70 million transaction gives DDR full ownership of the assets.
Tanasbourne Town Center, in Portland, is a large-format power center totaling 566,000 sq. ft. and anchored by Target, Nordstrom Rack, Bed Bath & Beyond, Ross Dress For Less, Michaels, Old Navy and Petco.
Arrowhead Crossing, in Phoenix, is also a large-format power center, totaling 412,000 sq. ft. Nordstrom Rack, DSW, T.J. Maxx, HomeGoods, Staples and Hobby Lobby anchor the center.
Report: Lowe’s investing to win customers
New York — Lowe’s is going on the offensive, and investing in a wide array of initiatives to win shoppers from rival The Home Depot.
“Everything we did [in the past] was store-centric. Today, we are all about the customer. So, it’s about meeting the customer on their terms, no matter how they choose to interact with Lowe’s: Whether it is in their room, at their jobsite, on the phone or on the web,” Robert Hull, CFO, Lowe’s, told Reuters.
Hull said he saw great potential to expand the company’s online business. He also said the company sees the opportunity to expand to 100 stores in Canada, where it currently operates 31 locations.